First, MBIA says it has evidence of “widespread mortgage-origination fraud” at Countrywide:
Feb 16 (Reuters) – MBIA Inc claimed it has new evidence of “widespread mortgage-origination fraud” at Bank of America Corp’s Countrywide unit, hoping to bolster its $1.4 billion lawsuit accusing that unit of fraudulently inducing it to insure risky mortgage-backed securities.
The insurer made its claim in a letter on Wednesday sent to New York State Supreme Court Justice Eileen Bransten seeking to force Countrywide to turn over a variety of documents.
By the way, here’s what the courts have ruled as to what constitutes fraud:
MBIA’s prospects in the case brightened last month when Bransten ruled that to establish fraud, MBIA need only show Countrywide misled it about the $20 billion of securities it insured, not that such misleading caused its losses.
And we had what testimony under oath before the FCIC? Oh yeah, that Citifinancial knew that 80% of its loan origination did not meet quality guidelines (that would be “misleading”, right?)
The global banking giant HSBC lodged a complaint that blocked access to a WND story reporting a whistleblower’s charge that the London-based corporation has engaged in a massive international money-laundering scheme.
So WND publishes an expose’ that comes from a whistleblower alleging massive fraud perpetrated by insiders within HSBC (and really folks, you ought to read this one — the original article is good, and if there’s anything to it this really takes the cake) and in response rather than say “oh man, we gotta call the cops!” HSBC instead tries to have the story removed from the Internet!
But remember, according to Governor Gary Johnson, who wants to be the Libertarian Presidential nominee (along with President Obama, who has said the same thing), nobody committed any crimes.
I clearly need to update the scrolling “credits” on that little ditty…. perhaps we will need a V3, V4, V5, V6….. and I’m going to keep doing it right up until Gary Johnson repudiates his line of crap and apologizes in public for his blatant and outrageous falsehood.